Dangote Refinery Raises Petrol Price to N1,175, Diesel to N1,620 …Sales resume as depot prices surge nationwide

The cost of goods and services in Nigeria may rise further following a fresh increase in fuel prices by the Dangote Petroleum Refinery, which has raised the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,175 per litre.

The latest adjustment represents the third price increase within a week, signaling continued volatility in the country’s downstream petroleum sector.

The refinery communicated the new price to petroleum marketers on Monday, increasing the gantry price from N995 per litre announced on Friday to N1,175 per litre, an increase of N180 or about 18.1 per cent within three days.

In addition, the refinery revised the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, to N1,620 per litre.

A senior refinery official, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the new prices had already been circulated to marketers and depot operators.

“Yes, the gantry prices have been adjusted. PMS is now N1,175 per litre while Automotive Gas Oil is N1,620 per litre,” the official said.

According to the source, the changes reflect the realities of the current global market environment.

“The market has been extremely volatile and replacement costs have shifted significantly in recent days. These adjustments reflect prevailing market fundamentals and the cost environment we are currently operating in,” the official added.

Industry checks showed that the updated prices have already been reflected on the petroleum pricing platform petroleumprice.ng, indicating a shift in the benchmark prices used by downstream marketers.

The latest increase follows previous adjustments that moved the refinery’s petrol gantry price from N774 to N995 per litre, with retail pump prices now exceeding N1,000 per litre in many parts of the country. In some locations, filling stations are already dispensing petrol at about N1,200 per litre, worsening the financial strain on consumers.

Analysts warn that the hike is likely to trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation, logistics, and production expenses.

The development comes despite ongoing efforts by the Nigerian National Petroleum Company Limited to boost crude supply to the refinery through international third-party traders in order to sustain domestic refining operations.

A senior NNPC official explained that crude oil is being sourced at rates comparable with international market prices.

“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” the official said.

He added that the national oil company remains committed to ensuring stable crude supply for domestic refining.

“As the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to the refinery, despite temporary availability constraints.”

However, the official cautioned that the intervention may not immediately lead to lower fuel prices for consumers.

“This will not necessarily impact price. The current crisis in the Middle East is affecting global energy markets, including crude oil, LNG, and other fuels, and that has implications for refined product pricing worldwide,” he said.